Flat Footed LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVNA	CARVANA CO	106,500	$44,945	4.9%	—	—	PUT	146869102
—	BROOKDALE SR LIVING INC	30,834,000	$42,922	4.7%	$1.39	—	NOTE 3.500%10/1	112463AF1
MAR	MARRIOTT INTL INC NEW	121,900	$37,818	4.1%	—	—	PUT	571903202
HLT	HILTON WORLDWIDE HLDGS INC	115,500	$33,177	3.6%	—	—	PUT	43300A203
RCL	ROYAL CARIBBEAN GROUP	92,100	$25,689	2.8%	—	—	PUT	V7780T103
PFSI	PENNYMAC FINL SVCS INC NEW	130,000	$17,139	1.9%	—	—	PUT	70932M107
MGM	MGM RESORTS INTERNATIONAL	400,000	$14,596	1.6%	—	—	PUT	552953101
SMC	SUMMIT MIDSTREAM CORPORATION	356,567	$9,513	1.0%	$23.78	0.0%	COM	86614G101
IAUX	I-80 GOLD CORP	5,551,623	$8,105	0.9%	$1.14	0.0%	COM	44955L106
SEVN	SEVEN HILLS REALTY TRUST	664,432	$5,913	0.6%	$8.90	—	COM	81784E101
RRR	RED ROCK RESORTS INC	60,000	$3,717	0.4%	—	—	PUT	75700L108
RHP	RYMAN HOSPITALITY PPTYS INC	32,500	$3,075	0.3%	—	—	PUT	78377T107

Increased Positions (7)

TSLA TESLA INC 11.0%

Value ($000) $100,737 (+18.0%) Shares 224,000 (+16.7%) Est. Cost — Unrealized —

RMR RMR GROUP INC 1.3%

Value ($000) $11,681 (+10766.2%) Shares 783,963 (+11371.5%) Est. Cost $14.68 Unrealized -0.1%

AFRM AFFIRM HLDGS INC 2.1%

Value ($000) $18,905 (+73.6%) Shares 254,000 (+70.5%) Est. Cost — Unrealized —

ASC ARDMORE SHIPPING CORP 1.4%

Value ($000) $13,231 (+63.8%) Shares 1,249,420 (+83.6%) Est. Cost $10.89 Unrealized +9.2%

CVEO CIVEO CORP CDA 1.2%

Value ($000) $10,583 (+60.7%) Shares 462,758 (+61.6%) Est. Cost $22.51 Unrealized -1.4%

ILPT INDUSTRIAL LOGISTICS PPTYS T 1.0%

Value ($000) $9,421 (+4.2%) Shares 1,700,592 (+9.7%) Est. Cost $4.89 Unrealized —

SVC SERVICE PPTYS TR 0.2%

Value ($000) $1,569 (+3.6%) Shares 852,490 (+52.5%) Est. Cost $2.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	224,000 (+16.7%)	$100,737 (+18.0%)	11.0%	—	—	PUT	88160R101
RMR	RMR GROUP INC	783,963 (+11371.5%)	$11,681 (+10766.2%)	1.3%	$14.68	-0.1%	CL A	74967R106
AFRM	AFFIRM HLDGS INC	254,000 (+70.5%)	$18,905 (+73.6%)	2.1%	—	—	PUT	00827B106
ASC	ARDMORE SHIPPING CORP	1,249,420 (+83.6%)	$13,231 (+63.8%)	1.4%	$10.89	+9.2%	COM	Y0207T100
CVEO	CIVEO CORP CDA	462,758 (+61.6%)	$10,583 (+60.7%)	1.2%	$22.51	-1.4%	COM NEW	17878Y207
ILPT	INDUSTRIAL LOGISTICS PPTYS T	1,700,592 (+9.7%)	$9,421 (+4.2%)	1.0%	$4.89	—	COM SHS BEN INT	456237106
SVC	SERVICE PPTYS TR	852,490 (+52.5%)	$1,569 (+3.6%)	0.2%	$2.41	—	COM SH BEN INT	81761L102

Exited Positions (7)

MATX MATSON INC 3.4%

Value ($000) $30,965 Shares 314,076 Est. Cost $106.17 Unrealized +0.8%

JBS JBS N.V. 2.5%

Value ($000) $22,868 Shares 1,531,689 Est. Cost $14.29 Unrealized -3.8%

CNR CORE NATURAL RESOURCES INC 1.4%

Value ($000) $12,555 Shares 150,400 Est. Cost $75.69 Unrealized +12.5%

GOLD A-MARK PRECIOUS METALS INC 1.3%

Value ($000) $12,155 Shares 469,856 Est. Cost $22.19 Unrealized +28.7%

KODK EASTMAN KODAK CO 0.9%

Value ($000) $7,952 Shares 1,240,582 Est. Cost $6.30 Unrealized +18.7%

MATX MATSON INC 0.2%

Value ($000) $2,021 Shares 20,500 Est. Cost $106.17 Unrealized +0.8%

FLR FLUOR CORP NEW 0.1%

Value ($000) $1,262 Shares 30,000 Est. Cost $46.02 Unrealized -3.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MATX	MATSON INC	314,076	$30,965	3.4%	$106.17	+0.8%	—	57686G105
JBS	JBS N.V.	1,531,689	$22,868	2.5%	$14.29	-3.8%	—	N4732M103
CNR	CORE NATURAL RESOURCES INC	150,400	$12,555	1.4%	$75.69	+12.5%	CALL	218937100
GOLD	A-MARK PRECIOUS METALS INC	469,856	$12,155	1.3%	$22.19	+28.7%	—	00181T107
KODK	EASTMAN KODAK CO	1,240,582	$7,952	0.9%	$6.30	+18.7%	—	277461406
MATX	MATSON INC	20,500	$2,021	0.2%	$106.17	+0.8%	PUT	57686G105
FLR	FLUOR CORP NEW	30,000	$1,262	0.1%	$46.02	-3.9%	—	343412102

Decreased Positions (6)

HYG ISHARES TR 12.7%

Value ($000) $116,494 (-34.4%) Shares 1,444,800 (-34.0%) Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 13.4%

Value ($000) $122,773 (-20.0%) Shares 1,387,111 (-24.5%) Est. Cost $75.69 Unrealized +12.5%

BKD BROOKDALE SR LIVING INC 10.0%

Value ($000) $91,689 (-14.8%) Shares 8,497,561 (-33.1%) Est. Cost $5.37 Unrealized +83.1%

PANL PANGAEA LOGISTICS SOLUTION L 0.0%

Value ($000) $84 (-91.8%) Shares 12,139 (-94.0%) Est. Cost $4.36 Unrealized +38.0%

TK TEEKAY CORPORATION LTD 1.7%

Value ($000) $15,919 (+5.6%) Shares 1,762,866 (-4.3%) Est. Cost $7.78 Unrealized +18.2%

GRFS GRIFOLS S A 1.1%

Value ($000) $10,140 (-7.3%) Shares 1,084,527 (-1.3%) Est. Cost $7.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	1,444,800 (-34.0%)	$116,494 (-34.4%)	12.7%	—	—	PUT	464288513
CNR	CORE NATURAL RESOURCES INC	1,387,111 (-24.5%)	$122,773 (-20.0%)	13.4%	$75.69	+12.5%	SHSCOM	218937100
BKD	BROOKDALE SR LIVING INC	8,497,561 (-33.1%)	$91,689 (-14.8%)	10.0%	$5.37	+83.1%	COM	112463104
PANL	PANGAEA LOGISTICS SOLUTION L	12,139 (-94.0%)	$84 (-91.8%)	0.0%	$4.36	+38.0%	SHS	G6891L105
TK	TEEKAY CORPORATION LTD	1,762,866 (-4.3%)	$15,919 (+5.6%)	1.7%	$7.78	+18.2%	SHS	G8726T105
GRFS	GRIFOLS S A	1,084,527 (-1.3%)	$10,140 (-7.3%)	1.1%	$7.11	—	SP ADR REP B NVT	398438408

Unchanged Positions (3)

DHC DIVERSIFIED HEALTHCARE TR 12.5%

Value ($000) $113,912 Shares 23,487,002 Est. Cost $2.21 Unrealized —

WELL WELLTOWER INC 3.3%

Value ($000) $30,626 Shares 165,000 Est. Cost — Unrealized —

— BROOKDALE SR LIVING INC 0.0%

Value ($000) $429 Shares 315,000 Est. Cost $0.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHC	DIVERSIFIED HEALTHCARE TR	23,487,002	$113,912	12.5%	$2.21	—	COM SH BEN INT	25525P107
WELL	WELLTOWER INC	165,000	$30,626	3.3%	—	—	PUT	95040Q104
—	BROOKDALE SR LIVING INC	315,000	$429	0.0%	$0.86	—	NOTE 2.000%10/1	112463AC8